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Bessent’s announcement – which has been widely anticipated – starts the clock running on the massive Republican reconciliation bill.

Bessent says Congress needs to raise debt limit by July

Treasury Secretary Scott Bessent formally told congressional leaders today that they must approve an increase in the U.S. government’s debt limit by mid-July, before lawmakers leave for the August break.

Here’s Bessent in a letter sent to party leaders in both the House and Senate, plus the chairs and ranking members of committees of jurisdiction:

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Presented by AstraZeneca

The 340B program was created to help patients. Instead, it’s helping hospitals earn massive profits. The 340B Rebate Model Pilot uses rapid verification of existing data to prevent duplicate discounts, strengthening program transparency and efficiency. Urge HHS to implement the Rebate Model Pilot and ensure 340B functions as intended. Get the facts.

Editorial photos provided by Getty Images. Political ads courtesy of AdImpact.

Presented by AstraZeneca

The 340B program is supposed to help vulnerable patients—but without strong safeguards, it’s siphoning away funds that could be used for free and charitable medicine. The 340B Rebate Model Pilot improves program integrity, preventing duplicate discounts and strengthening accountability. Urge HHS to implement the pilot today. Learn why it matters.

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